44 h. ago Oil prices fall more than 1 per cent on potential further increase to OPEC+ output

Oil prices dropped by more than 1 per cent on Thursday after a report that OPEC+ is discussing a production increase for July, stoking concerns that global supply could exceed demand growth. Brent futures lost $1.08, or 1.7 per cent, to $63.83 a barrel by 1134 GMT. US West Texas Intermediate crude was down $1.02, […]

Politics

2 d. ago Cyprus household saving rate set to rise to 11 per cent in 2025

Household saving rates across the European Union are projected to stabilise in 2025 after recent volatility driven by economic uncertainty, according to the European Commission’s Spring 2025 Economic Forecast. The forecast highlights varied national trajectories, with countries like Cyprus, Portugal, and the Netherlands expected to see increases, while others, such as the United Kingdom and […]

Politics

3 d. ago UK economy to grow 1 per cent in 2025; sentiment improves slightly

Britain’s economy will grow a bit faster this year than thought a month ago, a Reuters poll of economists predicted, partly due to unexpectedly strong growth in the first quarter that was not expected to persist. Sentiment has improved following a basic trade deal with the United States, which still leaves a 10 per cent […]

Politics

4 d. ago Cyprus economy to grow 3 per cent in 2025, says European Commission

Cyprus’ economy is expected to continue growing at a robust pace in 2025 and 2026, according to the European Commission’s Spring 2025 Economic Forecast released on Monday. Specifically, growth is expected to reach 3 per cent in 2025 and moderate slightly to 2.5 per cent in 2026. The commission explained that this expectation is underpinned […]

Events

7 d. ago US smartphone shipments rose 30 per cent in March due to tariff concerns, report says

Smartphone shipments to the US surged 30 per cent in March as manufacturers Apple (AAPL.O), Samsung (005930.KS) and Motorola rushed to bring more devices into the country in anticipation of steep import tariffs, Counterpoint Research said this week. Apple alone airlifted a record $2 billion worth of iPhones from India in March, leveraging Indian suppliers […]

Politics

9 d. ago Cyprus Business Now: Hellenic Bank, Ermes, Tourism, Lady’s Mile

Hellenic Bank on Wednesday announced a reduction in its base interest rate by 0.33 percentage points, from 1.75 per cent to 1.42 per cent, effective from May 16, 2025. “This move will benefit the majority of the bank’s borrowers—more than 90,000—by easing their loan repayment terms,” the bank said. It further stated that this development “actively […]

Economics

9 d. ago Burberry to cut 20 per cent of global workforce, shares jump

Burberry (BRBY.L) shares surged 18 per cent on Wednesday after the British luxury brand announced plans to shed 1,700 jobs or around a fifth of its global workforce to cut costs to help revive its performance. Burberry is in the early stages of a turnaround effort led by CEO Joshua Schulman, who is seeking to […]

Politics

1 week ago Cyprus Business Now: BoC, Keve, Shipping, Gender pay gap, Property, Scrutiny of influencers

The Bank of Cyprus on Monday posted a profit after tax of €117 million for the first quarter of 2025, marking an increase of 9 per cent compared to the previous quarter. In addition, according to the bank’s financial results, basic earnings per share for the quarter stood at €0.27. Return on Tangible Equity (ROTE) stood at at 18.3 per […]

Economics

1 week ago Lamborghini quarterly revenue up 29.6 per cent as hybrid models boost deliveries

Italian luxury sports carmaker Lamborghini reported a 29.6 per cent jump in revenue to 895.2 million euros, driven by strong global demand for its new hybrid models, the Revuelto and Urus SE, despite the complex global scenario. Lamborghini, part of Germany’s Volkswagen group (VOWG.DE), also made an operating profit (EBIT) of 248.1 million euros, up […]

Politics

2 w. ago Volvo Cars sales fall 11 per cent in April as fully electric cars slump

Volvo Cars this week reported an 11 per cent decrease in April sales to 58,881 cars from a year earlier, sending its shares down. Volvo Cars, which is majority-owned by China’s Geely, said in a statement sales of fully electric cars fell 32 per cent to account for 20 per cent of total sales volumes. […]

Politics

2 w. ago Electric and hybrid cars gain ground as overall vehicle registrations drop

Electric and hybrid cars are making up an increasing share of new vehicle registrations in Cyprus, even as total registrations continue to decline. Between January and April 2025, electric vehicles accounted for 4.8 per cent of passenger saloon car registrations, up from 3.6 per cent during the same period in 2024. Hybrid cars also saw […]

Politics

2 w. ago Cyprus Business Now: Property, Shipping, Oev, Salaries, Jumbo, Selk

Real estate sales in Cyprus rose by 12 per cent in the first four months of 2025 compared with the same period last year. In addition, figures for the month of April showed a slight nationwide increase despite small drops in Larnaca and Paphos. According to data from the Department of Land and Surveys, 1,404 property transactions were recorded across the […]

Economics

2 w. ago Cyprus property sales rise 12 per cent in first four months of 2025

Real estate sales in Cyprus rose by 12 per cent in the first four months of 2025 compared with the same period last year. In addition, figures for the month of April showed a slight nationwide increase despite small drops in Larnaca and Paphos. According to data from the Department of Land and Surveys, 1,404 […]

Politics

2 w. ago UK new car sales fall 10.4 per cent in April, industry data shows

British new car registrations fell more than 10 per cent year-on-year in April, with Tesla’s (TSLA.O) UK sales plummeting 62 per cent, dragged by weak consumer confidence and tax increases, industry data showed this week. The Society of Motor Manufacturers and Traders (SMMT) said 120,331 units were registered in the traditionally quieter month of April. […]

Politics

2 w. ago Industrial turnover in Cyprus rises 4.3 per cent in February 2025

The Industrial Turnover Index in Cyprus continued its upward trend in February 2025, reflecting positive momentum across several key sectors of the economy. According to data released, the index reached 130.4 units, based on 2021 as the reference year, set at 100 points. This figure represents a 4.3 per cent increase compared to February 2024. […]

Politics

2 w. ago Oil down 2 per cent as OPEC+ accelerates output hikes, surplus looms

Oil prices fell more than 2 per cent on Monday after OPEC+ decided over the weekend to further speed up oil output hikes, spurring concerns about more supply coming into a market clouded by an uncertain demand outlook. Brent crude futures dropped $1.27, or 2.07 per cent, to $60.02 a barrel by 0802 GMT, while […]

Politics

3 w. ago IMF trims 2025 Middle East, North Africa growth forecast to 2.6 per cent

The International Monetary Fund has announced that it now expects Middle East and North Africa economies to grow by just 2.6 per cent in 2025 as uncertainties stemming from a global trade war and weaker oil prices weigh on the region. The fresh projection marked a sharp downgrade from its October projection of 4 per […]

Politics

3 w. ago Cyprus industrial production up by 4.3 per cent in early 2025

Cyprus’ industrial production recorded a steady rise of 4.3 per cent in the first two months of 2025 compared with the same period in the previous year, according to a report from the Cyprus Statistical Service (Cystat). The Industrial Production Index for February 2025 reached 108.5 units, with 2021 acting as the base year set […]

Politics

3 w. ago Cyprus tourism revenue soars in February, driven by higher per capita spending

Tourism revenues in Cyprus reached €79.7 million in February 2025, marking an increase of 22.4 per cent compared with the same month last year (€65.1 million), according to an announcement issued by the statistical service this Tuesday. Moreover, for the first two months of the year, revenues rose by 35 per cent, with total earnings […]

Politics

3 w. ago Petroleum product sales in Cyprus fall by 0.8 per cent in March

Total sales of petroleum products in Cyprus reached 107,291 tonnes in March 2025, marking a slight annual decrease of 0.8 per cent compared to March 2024, according to official data published on Monday. The data, which was included in a report by the Cyprus Statistical Service (Cystat), showed that sales declined in several key categories. […]

Politics